$5,000 debt consolidation loans

What to expect when consolidating $5,000

• On a $5,000 balance, an origination fee takes a bigger share of what you borrow. Check the amount that would actually reach your creditors, not just the loan amount.
• A balance transfer card may be worth comparing at this size. Look at the transfer fee and what the card charges once any promotional period ends.
• Some lenders set a minimum loan size near this amount, so you may see fewer offers than for larger balances. A shorter term keeps total interest down; a longer one lowers each payment.
• Consolidation only lowers your cost if the new loan's APR and fees come in under what you pay now over a similar time frame.
• Each lender sets its own APR, fees and terms based on your credit history, income and existing debt.

Estimate what consolidating could save

Enter your current balances and their APRs, then the APR and term you want to compare. Both are paid off over the same term.

Estimates only, based on the numbers you enter. Not an offer of credit. Lendara is not a lender.

How checking your options works

When you check your options for a $5,000 debt consolidation loan through Lendara, you answer a few questions about the loan you want, your income and your finances. Checking your options is free. Partners may run a soft or hard credit check depending on the offer; you'll see details before you apply.

If participating lenders have options for you, you can compare them side by side: APR, fees, monthly payment, term and total cost. Nothing is accepted until you choose an offer.

If you decide to apply with a lender, that lender may run a hard credit inquiry, which can affect your credit score. The lender, not Lendara, decides whether to approve you and on what terms.

Frequently asked questions

Is a loan worth it for only $5,000 of debt?

It can be if the offer's APR and fees come in under what your cards charge now. On a smaller balance, fees matter more, so compare the total you would repay with the calculator above.

Should I compare a balance transfer card instead?

It's worth a look. A transfer card may suit a balance you can clear within its promotional period, while a fixed-term loan gives you a set payoff date. Check every fee on both.

Does Lendara lend $5,000 itself?

No. Lendara is a free marketplace that connects you with participating lenders. Each lender sets its own minimum loan size, terms and eligibility rules.

Related guides

• Debt Consolidation Loan vs. Balance Transfer Card

  How a debt consolidation loan and a balance transfer card each combine existing balances, what they cost, what happens when a promotional rate ends, and how to choose.

• Loan Origination Fees, Explained

  What loan origination fees are, how they factor into APR, and a simple illustrative example that can help you compare the true loan cost.

• Debt Consolidation Basics

  What debt consolidation is, how it generally works, and questions worth asking before you combine multiple balances into one.